FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
An FTX trust has initiated legal action against Genesis Digital Assets, seeking to recover $1.15 billion that it alleges was fraudulently transferred by Sam Bankman-Fried (SBF), the co-founder of the now-defunct cryptocurrency exchange. The lawsuit, filed in the US Bankruptcy Court for the District of Delaware, targets Genesis Digital, its affiliates, and co-founders Rashit Makhat […]
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The Genesis Litigation Oversight Committee (LOC) has launched a new round of legal action targeting Digital Currency Group (DCG), its CEO Barry Silbert, and associated executives. The suits, filed in two separate jurisdictions, aim to reclaim billions of dollars allegedly misappropriated from the crypto lending firm Genesis before it filed for bankruptcy in early 2023. […]
Canadian crypto exchange Coinberry, part of Kevin O’Leary’s Wonderfi, has sued 50 customers for the return of the bitcoin they obtained without paying during a software glitch. “Coinberry contacted all of the said 546 affected registered users by email and demanded the return of the misappropriated bitcoins,” the lawsuit details. Coinberry Sues Users to Get Bitcoin Back Canadian cryptocurrency exchange Coinberry has reportedly sued its customers who took advantage of its software glitch and obtained bitcoin without paying. Coinberry, a regulated crypto trading....
In a recent development, bankrupt crypto lender Genesis has settled with defunct crypto hedge fund Three Arrows Capital (3AC), ending a months-long legal battle. According to court documents, Genesis will pay $33 million to resolve the more than $1 billion in claims asserted by 3AC against the Genesis Debtors. Genesis Resolves Dispute With 3AC The […]
Genesis will no longer be involved in GBTC's main operations, but will still act as a liquidity provider. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale Bitcoin Trust has terminated two agreements with cryptocurrency broker Genesis. First, Genesis will no longer assist Grayscale in the distribution and marketing of the latter's shares. Second, from Oct. 3 onwards, Genesis will no longer be an authorized participant of the trust but will continue to serve as a liquidity provider for Grayscale. The two agreements previously came into effect in....
Cryptocurrency exchange Crypto.com accidentally transferred about $7.26 million to a customer’s account but did not notice the error for seven months. The crypto company has now sued the customer to recover the funds.
Crypto.com Sues Customer 7 Months After Mistakenly Transferring over $7 Million
The Australian Supreme Court of Victoria released a default judgment Friday in a case where crypto exchange Crypto.com accidentally transferred more than AUD$10.47 million ($7.26 million) to a customer’s account on May 20, 2021.
The crypto firm made claims....